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NOTE 10 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />City's proportionate share of the net pension liability $ 2,415,103 <br />State of Minnesota's proportionate share of the net <br />pension liability associated with the City 58,260 <br />Total $ 2,473,363 <br />The net pension liability was measured as of June 30, 2025, and the total pension liability used to <br />calculate the net pension liability was determined by an actuarial valuation as of that date. The City's <br />proportion of the net pension liability was based on the City's contributions received by PERA during <br />the measurement period for employer payroll paid dates from July 1, 2024, through June 30, 2025, <br />relative to the total employer contributions received from all of the PERA's participating employers. <br />The City's proportionate share was 0.0729% at the end of the measurement period and 0.0668% for the <br />beginning of the period. <br />For the year ended December 31, 2025, the City recognized pension expense of $94,011 for its <br />proportionate share of the GERF's pension expense. In addition, the City recognized an additional <br />$8,936 as negative pension expense (and grant revenue) for its proportionate share of the State of <br />Minnesota's contribution of $16 million to the GERF. <br />At December 31, 2025, the City reported deferred outflows of resources and deferred inflows of <br />resources related to pensions from the following sources: <br />Differences between expected and actual economic experience <br />Changes in actuarial assumptions <br />Net difference between projected and actual earnings <br />on pension plan investments <br />Changes in proportion <br />Employer contributions subsequent to the <br />measurement date <br />Deferred Deferred <br />Outflows Inflows <br />of Resources of Resources <br />$ 230,106 $ <br />58,190 <br />438,552 <br />270,295 <br />555,707 <br />960,993 <br />Total $ 997,143 $ 1,516,700 <br />The $270,295 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net pension <br />liability in the year ending December 31, 2026. <br />84 <br />